The conventional multifunctional exercise machine is generally cumbersome and takes up a large floor space. As a result, the conventional multifunctional exercise machine is not suitable for use in a private home in which an available floor space is often quite limited. In addition, the conventional multifunctional exercise machine is rather complicated in construction and expensive. Moreover, the conventional multifunctional exercise machine is generally not foldable to facilitate the storage and the shipping of the machine.